Pak Rupee slides to record low of 84.40 against dollar

The rupee weakened 2.78 percent to a record low of 84.40 rupees to the dollar on Friday after reserves fell by $570 million and on pressure from import payments, dealers said. The rupee was being quoted closing at 83.50/60 to the dollar, dealers said. It closed at 82.05/10 on Thursday. Dealers said the rupee was trading at 86.50 in the kerb market. "There was sudden panic after the reserve numbers were released last night," said a currency dealer. Dealers said there had been wheat, oil, dividend and non-essential import payments. There had also been buying against cross-currency swaps that had matured. Pakistan's foreign exchange reserves fell $570 million to $7.75 billion in the week that ended on Oct. 11, the State Bank of Pakistan (SBP) said late on Thursday. Analysts said that was enough to cover less than two months of imports.